We are selling a truck/lorry do we have to account for the VAT on it? My reading on it is that if we bought it 2nd hand then we dont otherwise we do. Is this correct?
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No
If you are VAT registered and are selling a commercial vehicle, then you charge VAT regardless of how you bought it, new or second hand.
Margin scheme
If you bought the vehicle second hand from a dealer selling it to you under the margin scheme then it is my belief that you can similarly sell it under the margin scheme. The purchase invoice will confirm if this were to be the case.
Margin scheme: no VAT reclaimable on purchase, output tax on sale will be computed on the margin (difference between buying & selling price) where selling price exceeds buying price.
Very unusual
It would be very unusual, though not impossible, for a commercial vehicle to be sold under the margin scheme.